PSC Insurance Group is looking to step up its presence in the UK market, where the business has made a number of strategic acquisitions in the past few months to increase its reach.

“It has long been part of the group’s strategy to expand our business in UK commercial broking, which is the cornerstone of [our] Australian operations,” Chairman Brian Austin said at this morning’s virtual annual general meeting.

“We expect to make further investment in this market over time, principally in UK regional centres.”

Last week PSC announced the purchase of another London brokerage – Absolute Insurance Brokers – for £8.51 million ($15.7 million) following other actions to consolidate its position in the UK market.

The Melbourne-based listed group had agreed to buy up the remaining 30% share in Turner Financial Services to take full ownership of the UK business.

MD Tony Robinson has previously told insuranceNEWS.com.au the UK market is a source of “terrific growth opportunities”.

Meanwhile, PSC has reaffirmed its earnings guidance for the current financial year to June 30.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) is expected at $65-70 million and underlying net profit after tax is projected at $40-43 million.

In the previous financial year, underlying EBITDA grew 32.7% to $57.4 million and underlying net profit after-tax increased 34.5% to $37.4 million.